New Homes Likely to Get Pricier as Lot Costs Rise

Posted by Bonnie Martin Designated Broker on Thursday, September 5th, 2013 at 8:48am.

househill_sellingpix_450Builders are facing rising lot prices due to a shortage in suitable lots, and the rising costs will likely get passed on to buyers of new homes. 

The average price of a finished lot suitable for building was up 40 percent in the second quarter compared to a year ago, according to John Burns Real Estate Consulting’s analysis of 27 leading markets. In some places, the increase has been even more. For example, in San Francisco and Oakland, finished lots were up 87 percent; up 75 percent in Atlanta; and up 70 percent in Las Vegas.

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